AvalonBay Unloads Archstone Toscano for $98M

AvalonBay Communities Inc. sold its Archstone Toscano, a 474-unit, Class A apartment complex on Houston’s southwest side, near the Texas Medical Center. AvalonBay did not disclosed the buyer, however, local media indicated that Alliance Residential was the investor, and paid $98 million for the property at 2900 N. Braeswood Blvd., which delivered in early 2014.

The apartment complex offers one, two and three-bedroom units ranging from 642 to 1,745 square feet. Amenities include a fitness center, clubroom with coffee bar and internet lounge, as well as a swimming pool and sun deck. Other extras include electric car chargers and outdoor grills.

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